04:10 AM EDT, 06/06/2024 (MT Newswires) -- Riot Platforms ( RIOT ) said Wednesday it has increased its stake in Bitfarms ( BITF ) to 12% from 11.63% after it acquired about 1.5 million common shares of Bitfarms ( BITF ) for a total purchase price of about $3.6 million.

The recently acquired shares represent about 0.37% stake in Bitfarms ( BITF ), the company said. The weighted average price of the shares is approximately $2.45 per share.

Upon completion of the acquisition, Riot owns about 47.8 million shares of Bitfarms ( BITF ).

Riot said it intends to call for a special shareholders' meeting to nominate new independent directors to join Bitfarms' ( BITF ) board, citing concerns over the company's current board's poor governance.

Price: 9.58, Change: -0.07, Percent Change: -0.73